A Merchandiser,following the Perpetual Inventory System,has the Following Transactions During

question 88

Essay

A merchandiser,following the perpetual inventory system,has the following transactions during August,2017:
$\begin{array}{lll}\text { Date } & \text { Transaction } & \text { Amount } \\\text { Aug. 5 } & \text { Purchased inventory on account } & \$ 300,000 \\\text { Aug. } 9 & \text { Paid for transportation of goods purchased } & 25,000 \\\text { Aug. 10 } & \text { Returned defective merchandise to the seller } & 20,000 \\\text { Aug. 15 } & \text { Paid for goods purchased on August 5 } & ?\end{array}$
Credit terms of invoice are 2/15,n/45.Give journal entries for the above transactions.

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